The Chinese real estate giant Shimao Group Holdings is facing demands for liquidation from creditor China Construction Bank, causing its shares to plummet to a record low. This situation is reminiscent of other Chinese developers such as Evergrande and Country Garden who have struggled to repay debts recently. The Chinese government has been working to restore confidence in the real estate sector, but ongoing challenges persist, with falling prices discouraging potential investors and stalling projects.
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Shimao is a key player in the residential housing market as well as offices, hotels and commercial properties in major cities like Beijing and Shanghai. In response to the demands for liquidation, Shimao has vowed to resist and is exploring options to restructure its debts.
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